Monday, February 19, 2007

Busy Real Estate Week

This is going to be a busy week for our real estate business. Tuesday we are closing on two properties. Both are properties that are in the process of foreclosure that we have completed short sales for. One is a nice 2 story brick that we taking over "subject to" the first mortgage and paying $2500 to settle the $40,000 second. We took a final walk through of the property tonight and after it was empty lots more flaws popped up. This house makes me nervous due to a very high monthly payment. However, there is nothing major wrong with the house, so we should be able to do most of the work ourselves and not spend too much money.

The second house is a real gift. The bank is walking away from over $71k in mortgages for a mere $5k. We don't plan to do much about it except clean out the trash and sell it wholesale.

Wednesday we have a REI club meeting and Pete Young is speaking. I bought his course on Ebay and it is very good. I've got ads running for the wholesale property we are closing on Tuesday, so this weekend we need to get in there and clean it out.

Next week I am holding a seminar on Private Money investing. I'm hoping to get some people to lend me money. I also finally got approved for a second source of rehab money through Community Preservation. This is one I've been working on for 5 months. It pays to never give up sometimes.

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